Topic: Paypal gave me an audit for buying a domain with the name bitcoin in it (Read 2652 times)

I would agree with this. Five minutes is much too fast for any large organization to move when deciding to conduct an audit. It would likely take at least twice as long to even make the decision to conduct an audit once the OPs account was flagged for review.

Bitshares is trying to solve that problem with one of the new DACs, DNS! You can find more about it here http://wiki.bitshares.org/index.php/.p2p_%28BitShares_DNS%29

BitShares DNS will function as a registry for decentralized top level domains, similar to Namecoin, but with a domain name issuance system built in that will profit investors. It also includes a price discovery process similar to an auction designed to help mitigate the problem of cyber-squatting, and assign a true market value to each individual domain name within the network.

Traditionally this has been the role of an American company, ICANN, since 1998 and preceded by Jon Postel, one of the scientists who helped bring the internet into existence by developing ARPANET. Being a centralized registry, the company selling the domain to you through ICANN, or the government assigned to the top level domain has the ability to censor people at will by switching off domains. By keeping track of everything on a decentralized peer to peer network, no single entity will have the ability to turn off a website running on a .p2p top level domain, which will help to facilitate free speech.

Having a secured public ledger also provides a more effective means of preventing man-in-the-middle attacks, since the owner of a domain name can put their SSL key directly into the blockchain, eliminating the need for a third party to provide the service of signing certificates.

End result: want to make a website? Create the server, purchase the domain name for its fair market value, and away you go! Less regulation is better for the whole internet.


It's also seisuze and spying resistant

Paypal doesn't want to see/hear name 'bitcoin' anywhere in your account. They are taking desperate measures to prevent it.

If the suspension was literately 5 minutes after the purchase I would say that something suspicious was going on with either how you connected to paypal (maybe you just started using a VPN), or something suspicious was going on with the person you were dealing with. If it was because you had just bought a domain that was bitcoin related, I would doubt they would be able to move that quickly. 

Would be helpful to note that I never had any account suspension issues in the (years) I used PayPal to purchase numerous things right up until (5 minutes) after this purchase.     

I would personally say it would likely be a coincidence. I don't think that paypal is against bitcoin per say, but rather they don't want to have to deal with the risk of users using their platform for buying and selling digital goods as this potentially creates a reputation risk for them.

Your thread title is very inaccurate since you do not know for certain why they suspended your account.
However, I totally agree that Paypal is a plague upon the Earth.

Oh my! This is totally ridiculous to have your account suspend over something so silly is just unreasonable. It really does make me wonder what kind of trick PayPal will play next to be honest to be able to suspend someones account. I will be very surprised if they start accepting bitcoin if they have an attitude like this over a domain name purchased.

Paypal freezes account for random ass reasons. Bitcoin will save us luckly.

I have had issues with paypal myself. In my opinion the convenience isn't worth the trouble. 

Saw this post last night...

And now seeing this one...


Dont know what to believe anymore...

lol that doesn't surprise me at all. Paypal will suspend your account for no reason at all, Bitcoin-related or otherwise.  Total absolute scam.

According to a recent news release they have blocked people from class-action suing them too!

There is nothing to say it wasn't just a random coincidence of timing... but *Shrug* really felt odd since the timing really was perfect (right after the purchase) and no one at Paypal seemed to 'know' why it had been blocked since my account was in good standing.. who knows though

Do you have anything in writing to this effect? I must have misread your OP regarding you buying the domain. I do know that PP does generally not like the buying/selling of digital goods, as I know that this has been the cause of account suspensions in the past, but this has nothing to do with bitcoin specifically.

I'd say it's one of random PayPal fuck ups that has nothing to do with Bitcoin. If it had, i would have been blocked so mayn time...i sold Bitcoin itself, Bitcoin mining hardware, Bitcoin mining time, Altcoins etc....all out in open, no hidden auction titles etc. Even Ebay acc has bitcoin in it's name.

Phew, wow this is interesting! According to all those stories people really get in trouble for using certain keywords. Although I guess PayPal isn't exactly that hostile against Bitcoin... Someone at eBay even said it may integrate Bitcoin into PayPal at some point!

This is the reason why Bitcoin needs to take root. Corrupt fraudulent companies like PayPal need to just close their doors and go away. We don't need them or their shady business. We just need good 'ol Bitcoin to help move the world along financially. Currency has evolved. Their day is done. eBay will be next with all the new P2P marketplaces coming up. (One Market and Open Bazaar to name a couple) They had their chance, but they blew it with corruption.

No. It doesn't work this way. Paypal cannot know you bought a domain name with bitcoin in it. Payment processors don't work this way. They've just seen a payment from your account to a registrar.

Yea I'm sure this really happened   

)) "over the top " :  http://www.reddit.com/r/Entrepreneur/comments/1rkkd7/paypal_just_froze_over_70000_in_my_account_say/

Arbitrary freezing of accounts is a PayPal classic. Whenever it gets the merest whiff of fraud, it freezes accounts with almost zero evidence. There are whole websites dedicated to accounts of PayPal doing just this....

http://www.paypalsucks.com/

Why do you think Bitcoin is trading for $500 and not for $10